Internet of things Security

Digital Door Lock Systems Market to Expand at a CAGR of 14.3% During the Forecast Period, TMR Study Finds

Digital Door Lock Systems Market to Expand at a CAGR of 14.3% During the Forecast Period, TMR Study Finds
Written by ga_dahmani
Digital Door Lock Systems Market to Expand at a CAGR of 14.3% During the Forecast Period, TMR Study Finds
  • When faced with the threat of burglary, burglary or fire, new digital door locking systems equipped with alert systems for added security are being hyped. Such innovations are likely to drive the market.
  • In order to improve control and convenience, several companies are creating new techniques to offer DIY home security systems, which is driving the growth of the market.

ALBANY, New York, April 6, 2022 /PRNewswire/ — The value of the global market for digital door lock systems remained stable $8.6 billion in 2020. The market is likely to rise at a CAGR of 14.3% during the forecast period, from 2021 to 2031. The global market digital door lock system market is expected to cross the valuation of $37.2 billion by 2031. Z-Wave, Bluetooth, Wi-Fi and cloud-based systems are used to link digital door locks in residential and hotel facilities. However, the trade-offs of technologies such as splash-proof touch panels and the threat of unknown persons entering the property with code lock door systems have increased the competitiveness of the market. In order to counter the shortcomings of coded door lock systems, players in the global digital door lock system market may raise awareness of its benefits such as multi-user accessibility and fast registration.

In both residential and hotel settings, digital door locking systems are becoming increasingly popular. Technological advances in biometric Manufacturers of precise, strong and reliable equipment use systems that lock the door with the push of a button. biometric Fingerprint scanners and IRIS. of batteries touch surfacethat eliminate the need for keys, are becoming more widely available from companies in the digital door lock system market.

Innovative digital door locking systems with alarms are being developed to provide additional protection when faced with threats of fire, vandalism and burglary. Residential door lock systems that are ready for the future are in high demand. This is clear given that the residential application market is expected to expand at a rapid rate.

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Key Findings of the Market Report

  • Digital smart door lock systems with RFID cards and touch panels are increasing the security of private residences. In hotels, digital door lock systems, sometimes known as electronic door locks, are becoming more common. Electronic door locks with customized functions are chosen to automatically set lock and unlock times. In the global digital door lock system market, remote unlocking of digital door locks via Bluetooth and Wi-Fi has received much attention. The market for digital door lock systems, which is expected to develop at a healthy pace, is being bolstered by innovative solutions.
  • A major driver of the global digital door lock systems market is the increasing use of the Internet of Things (IoT) in general security and protection applications. In recent years, the IoT has spread to all aspects of the global economy. In addition, it also provides efficient and easy services anytime, anywhere.
  • Various reasons, including the tech-savvy population and the growing popularity of digital door lock systems for home care and protection, are having a significant impact on the global digital door lock system market. The global market is being driven by the growing demand for smart home technologies.

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Global Digital Door Lock System Market: Growth Drivers

  • In developing countries, economic digitization helps the awareness and acceptance of digital door lock systems by customers. In the foreseeable future, a high percentage of smartphone adoption in countries like India and China is expected to drive demand for biometric locks. For added security and safety, government buildings and corporate offices are also implementing IoT-enabled door locks.
  • consumers in Europe they are expected to show a strong inclination towards digital door locks and be willing to invest in smart House technologies. Additionally, the regional market is expected to grow at a CAGR of 10.3% during the forecast timeline. Digital door lock systems recorded the value of sales US$1,864 Mn on Pacific Asia in 2020. China is the main contributor to the region’s total demand for digital door lock systems.

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Global Digital Door Lock System Market: Key Competitors

  • spectrum brands, inc.
  • Godrej & Boyce Manufacturing Co. Ltd.
  • Assa Abloy Group
  • Honeywell International, Inc.
  • Salto Systems SL
  • PLC allegory

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Global Digital Door Lock System Market: Segmentation

Writes

  • keyboard lock
  • Digital lock with RFID card
  • remote keyless lock
  • biometric lock

end use

  • Commercial
  • Residential
  • government
  • Industrial

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